Definition and meaning of Net written premiums :

Net written premiums: premium income retained by insurance companies, directly or through reinsurance, after payments made for reinsurance.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Net written premiums , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Non-admitted Insurance Company :

Non-admitted Insurance Company: An insurance company not licensed to do business in a particular state; such a company, however, may sell excess and surplus insurance in that state if admitted insurers lack the capacity or expertise.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Non-admitted Insurance Company , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Noncancellable :

Noncancellable: A contract that the insured has the right to continue in force by the timely payments of premiums set forth in the contract (1) until at least age 50 or (2) in the case of a policy issued after age 44 for at least five years from its date of issue, during which period the insurer has no right to make unilaterally any change in any provision of the contract while the contract is in force.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Nonconfining Sickness :

Nonconfining Sickness: A sickness that disables the insured person but does not confine him to his home or a hospital.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Nonconfining Sickness , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Noncancellable Guaranteed Renewable Policy :

Noncancellable Guaranteed Renewable Policy: An individual policy which the insured person has the right to continue to force until a specified age, such as to age 65, by the timely payment of premiums. During this period, the insurer has no right to unilaterally make any changes in any provision of the policy while it is in force.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Noncancellable Guaranteed Renewable Policy , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Loading :

Loading: The amount that must be added to the pure premium for expenses, profit, and a margin for contingencies.  See Expense Loading

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Loading , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of LLoyd's of London :

LLoyd's of London:  insurance marketplace where brokers, representing clients with insurable risks, deal with Lloyd's underwriters, who in turn represent investors.  The investors are grouped together into syndicates that provide capital to insure the risks.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: LLoyd's of London , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Level Premium :

Level Premium: A premium which remains unchanged throughout the life of a policy.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Level Premium , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Level Commission Scale :

Level Commission Scale: A commission scale providing for payment of commissions at the same rate every year the policy is in force.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Level Commission Scale , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Legal Reserve Life Insurance Company :

Legal Reserve Life Insurance Company: A life insurance company operating under state insurance laws specifying the minimum basis for the reserves the company must maintain on its policies.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Legal Reserve Life Insurance Company , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Level Premium Life Insurance :

Level Premium Life Insurance: Life insurance for which the premium remains the same from year to year. The premium is more than the actual cost of protection during the earlier years of the policy and less than the actual cost in the later years. The building of a reserve is a natural result of level premiums. The overpayments in the early years, together with the interest that is to a earned, serve to balance out the underpayments of the later years.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Level Premium Life Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Liability :

Liability: Any legally enforceable obligation.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Liability , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Liability Limits :

Liability Limits: The stipulated sum or sums beyond which an insurance company is not liable to protect the insured.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Liability Limits , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Liability Insurance :

Liability Insurance: Provides protection for the insured against loss arising out of legal liability to third parties.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Liability Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Liability Insurance :

Liability Insurance: Insurance covering the policyholder's legal liability resulting from injuries to other persons or damage to their property.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Liability Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Hospital Medical Insurance :

Hospital Medical Insurance: A term used to indicate protection which provides benefits for the cost of any or all of the numerous health care services normally covered under various health care plans.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Hospital Medical Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - H

Definition and meaning of Law of Large Numbers :

Law of Large Numbers: Concept that the greater the number of exposures, the more closely will actual results approach the probable results expected from an infinite number of exposures.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Law of Large Numbers , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Labor-Management Relations Act of 1947, Taft-Hartley Act :

Labor-Management Relations Act of 1947 (Taft-Hartley Act): This law controls conditions under which an employer may pay any money to a representative of employees.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Labor-Management Relations Act of 1947, Taft-Hartley Act , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Key-Person Insurance :

Key-Person Insurance: Insurance designed to protect a business firm against the loss of income resulting from the death or disability of a key employee.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Keogh, HR 10 Account :

Keogh (HR 10) Account: An account to which a self-employed person can make annual tax deductible contribution of the lesser of 25% of income or $30,000.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Keogh, HR 10 Account , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - K

Definition and meaning of Lapse :

Lapse: The termination or discontinuance of an insurance policy due to non-payment of a premium.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Lapse , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Lapsed Policy :

Lapsed Policy: A policy terminated for non-payment of premiums. The term is sometimes limited to a termination occurring before the policy has a cash or other surrender value.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Lapsed Policy , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L